Magic Software Enterprises Ltd. (NASDAQ:MGIC) Short Interest Update

Magic Software Enterprises Ltd. (NASDAQ:MGIC) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totaling 101,914 shares, a decline of 16.9% from the December 15th total of 122,570 shares. Based on an average daily volume of 45,074 shares, the days-to-cover ratio is currently 2.3 days. Based on an average daily volume of 45,074 shares, the days-to-cover ratio is currently 2.3 days.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Magic Software Enterprises in a research report on Monday, December 29th. Wall Street Zen raised Magic Software Enterprises from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Finally, Zacks Research lowered Magic Software Enterprises from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.00.

Magic Software Enterprises Stock Performance

Shares of Magic Software Enterprises stock opened at $27.35 on Tuesday. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 33.77 and a beta of 0.72. Magic Software Enterprises has a twelve month low of $11.65 and a twelve month high of $28.00. The company’s fifty day moving average is $25.46 and its 200 day moving average is $22.23. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.11.

Magic Software Enterprises (NASDAQ:MGIC) last announced its earnings results on Tuesday, November 18th. The software maker reported $0.25 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.04). The company had revenue of $161.70 million for the quarter, compared to analyst estimates of $154.80 million. Magic Software Enterprises had a return on equity of 16.28% and a net margin of 6.61%. Sell-side analysts forecast that Magic Software Enterprises will post 0.95 EPS for the current year.

Magic Software Enterprises Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 30th. Stockholders of record on Monday, December 15th were given a $0.151 dividend. The ex-dividend date was Monday, December 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.2%. Magic Software Enterprises’s payout ratio is 74.07%.

Hedge Funds Weigh In On Magic Software Enterprises

Hedge funds have recently bought and sold shares of the company. Jane Street Group LLC boosted its position in Magic Software Enterprises by 126.5% during the first quarter. Jane Street Group LLC now owns 32,028 shares of the software maker’s stock valued at $416,000 after acquiring an additional 17,887 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of Magic Software Enterprises in the 2nd quarter valued at about $298,000. Corton Capital Inc. bought a new stake in shares of Magic Software Enterprises during the 2nd quarter valued at about $286,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Magic Software Enterprises during the second quarter worth approximately $377,000. Finally, Acadian Asset Management LLC increased its holdings in Magic Software Enterprises by 17.3% in the second quarter. Acadian Asset Management LLC now owns 184,925 shares of the software maker’s stock worth $3,525,000 after purchasing an additional 27,294 shares in the last quarter. Institutional investors own 24.70% of the company’s stock.

About Magic Software Enterprises

Magic Software Enterprises Ltd. is a global provider of enterprise software solutions that enable organizations to develop, integrate and manage business applications across cloud and on-premises environments. Serving clients in industries such as financial services, healthcare, manufacturing and distribution, the company’s platforms are designed to accelerate digital transformation by streamlining the creation of web, desktop and mobile applications while ensuring seamless data flow between disparate systems.

The company’s flagship offering, the Magic xpa Application Platform, provides a low-code development environment that simplifies the design, deployment and maintenance of enterprise applications.